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RCom shares take more beating, fall nearly 7%

NEW DELHI: Shares of Reliance Communications (RCom) dropped nearly 7 per cent on Thursday due to selling force. RCom shares have been trading 6.93 per cent lower to Rs 5.10 on BSE in early industry, while the stock plunged 6.36 per cent to Rs 5.15 on the NSE index.

RCom stock had recovered on Wednesday after three-days of sharp fall, finishing nearly 2 per cent upper. On Monday, the shares of the company had closed nearly 35 per cent lower and fell by some other 28.5 per cent day after today after the company determined to go for insolvency lawsuits.

"RCom board of directors decides upon implementation of debt resolution plans through NCLT framework," the company had stated in a commentary.

It is estimated that the Anil Ambani-led company has been reeling below a debt of over Rs 46,000 crore.

On February 1, RCom's board reviewed the progress of the company's debt resolution plans because the invocation of strategic debt resolution on June 2, 2017.

The board noted that regardless of the passage of over 18 months, lenders have received 0 proceeds from the proposed asset monetisation plans, and the whole debt resolution process is yet to make any headway, the commentary stated.

"Accordingly, the board decided that the company will seek fast-track resolution through NCLT, Mumbai. The board believes this course of action will be in the best interests of all stakeholders, ensuring comprehensive debt resolution in a final, transparent and time bound manner within the prescribed 270 days," the commentary stated.

(With PTI inputs)

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